Trends Wide
No Result
View All Result
  • Trending
  • Australia
  • Economie
  • Gaming
  • Cryptocurrency
  • Trending
  • Australia
  • Economie
  • Gaming
  • Cryptocurrency
No Result
View All Result
Trends Wide
No Result
View All Result
Home Economie

TRON (TRX) becomes more popular than Ethereum (ETH) for USDT transactions

souhaib by souhaib
January 22, 2021
Reading Time: 2 mins read
0


RELATED POSTS

China slaps Alibaba a record £2.0 billion fine on anti-monopoly violations.

Up or down? Toyota price prediction for April

WWE enters NFT craze with Undertaker themed token

Ethereum is the biggest development platform in the crypto industry, but its inability to scale and meet demand is beginning to take its toll. Due to the growing fees, the TRON blockchain has become a much more popular network — useful not only for buying TRX, but also for small Tether (USDT) transactions.

Many USDT users shifted from Ethereum to TRON

According to recent data, the number of USDT transactions on TRON has surged recently. In fact, it has gone up enough to pass Ethereum’s count for as many as three consecutive weeks.


Are you looking for fast-news, hot-tips and market analysis?

Sign-up for the Invezz newsletter, today.

It is believed that the reason for this is Ethereum’s gas fees, which remain quite high. As such, they are only affordable and sensible for those who have larger transactions to process. There are still quite a few users willing to pay elevated prices of the Ethereum network. For the last month, ETH has had around 1.5 million weekly transactions.

However, users who wish to invest in cryptocurrency in smaller quantities have turned to TRON. This is quite clear from the project’s transaction count, which skyrocketed from 900,000 in mid-December, to almost 2 million per week in mid-January.

TRON is more popular for smaller USDT transactions

According to Coin Metrics, the reason for this is the high price of fees, which tend to go as high up as to reach prices above $19. Currently, the fees sit just below $8. However, while below the all-time high, that is still considered very high for the crypto industry, where millions of dollars can be processed for barely a few cents.

Another crypto data firm, Blockchair, noted that fees have surpassed 0.015 ETH several times in the last month. As it were, crypto users do not wish to spend their money on paying high fees, which is why they shift to a cheaper network — TRON’s.

Ethereum still processes a greater volume of USDT than TRON, meaning that only those who transact smaller amounts are migrating to the rivaling blockchain.

Tether’s CTO, Paolo Ardoino, said that it is logical for smaller transactors to use TRON, especially as the younger project saw good adoption on exchanges. TRON, of course, is not the only alternative, but it seems to offer the best conditions when it comes to network effects, usability, and low fees.



Source link

ADVERTISEMENT
souhaib

souhaib

Related Posts

Economie

China slaps Alibaba a record £2.0 billion fine on anti-monopoly violations.

April 10, 2021
Economie

Up or down? Toyota price prediction for April

April 10, 2021
Economie

WWE enters NFT craze with Undertaker themed token

April 10, 2021
Economie

XRP price hit $1 after a surge in its futures open interest

April 10, 2021
Economie

VeChain (VET) surges as Salesforce partners with blockchain

April 10, 2021
Economie

Vonage Holdings shares are down 3.9% YTD. Should I invest?

April 10, 2021
Next Post

Egypt is seeking to locally manufacture seawater desalination technologies with Russian expertise

Fallen footy star Ben Cousins wants a comeback months after his release from prison for stalking

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended Stories

Youssef Shaaban’s wife announces the developments of the Egyptian artist’s health after its deterioration

February 24, 2021

The deployment of the Russian Military Police in the vicinity of the Syrian monuments of Bosra

March 17, 2021

Coronavirus deaths FELL for the first time since September in England’s last full week of lockdown

December 8, 2020

Popular Stories

Plugin Install : Popular Post Widget need JNews - View Counter to be installed
Trends Wide

Recent Posts

  • Ukrainian models arrested for posing naked on balcony in Dubai ‘are still in detention’
  • Covid-19: Shoppers urged to respect staff, and PM won’t attend Philip’s funeral
  • Ukrainian models arrested for posing naked on balcony in Dubai ‘are still in detention’

Categories

  • Australia
  • Cryptocurrency
  • Deals
  • Discounts
  • Economie
  • Euro
  • Gaming
  • News
  • Sports
  • Switzerland
  • Trending
  • Uncategorized

© 2021 Trends wide

No Result
View All Result
  • Subscription
  • Category
    • Business
  • Landing Page
  • Buy JNews
  • Support Forum
  • Pre-sale Question
  • Contact Us

© 2021 Trends wide